Payden & Rygel Raises Holdings in Eaton Co. plc (NYSE:ETN)

Payden & Rygel lifted its stake in shares of Eaton Co. plc (NYSE:ETN - Free Report) by 64.8% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 81,640 shares of the industrial products company's stock after purchasing an additional 32,100 shares during the period. Eaton comprises about 2.1% of Payden & Rygel's investment portfolio, making the stock its 9th biggest holding. Payden & Rygel's holdings in Eaton were worth $27,059,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. MQS Management LLC bought a new position in shares of Eaton in the first quarter worth $207,000. Crewe Advisors LLC bought a new position in shares of Eaton in the first quarter worth $317,000. Vident Advisory LLC boosted its stake in Eaton by 13.3% during the first quarter. Vident Advisory LLC now owns 9,322 shares of the industrial products company's stock valued at $2,915,000 after buying an additional 1,091 shares in the last quarter. CreativeOne Wealth LLC boosted its stake in Eaton by 189.0% during the first quarter. CreativeOne Wealth LLC now owns 3,826 shares of the industrial products company's stock valued at $1,196,000 after buying an additional 2,502 shares in the last quarter. Finally, Freestone Capital Holdings LLC boosted its stake in Eaton by 7.6% during the first quarter. Freestone Capital Holdings LLC now owns 26,043 shares of the industrial products company's stock valued at $8,143,000 after buying an additional 1,848 shares in the last quarter. 82.97% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on ETN shares. Royal Bank of Canada reaffirmed an "outperform" rating and set a $374.00 target price on shares of Eaton in a research note on Friday, November 1st. Evercore ISI downgraded Eaton from an "outperform" rating to an "inline" rating and upped their target price for the company from $333.00 to $389.00 in a report on Wednesday, November 13th. Wolfe Research raised Eaton from an "underperform" rating to a "peer perform" rating in a report on Friday, September 6th. Citigroup started coverage on Eaton in a report on Monday, September 16th. They set a "buy" rating and a $348.00 target price for the company. Finally, Morgan Stanley began coverage on Eaton in a report on Friday, September 6th. They set an "overweight" rating and a $370.00 target price for the company. Four equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company's stock. Based on data from MarketBeat, Eaton presently has a consensus rating of "Moderate Buy" and a consensus price target of $357.83.

Insider Buying and Selling

In other Eaton news, insider Michael Yelton sold 3,136 shares of Eaton stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $303.12, for a total value of $950,584.32. Following the completion of the transaction, the insider now owns 3,914 shares in the company, valued at approximately $1,186,411.68. The trade was a 44.48 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Craig Arnold sold 61,569 shares of Eaton stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $360.97, for a total value of $22,224,561.93. Following the completion of the transaction, the insider now owns 506,360 shares of the company's stock, valued at approximately $182,780,769.20. The trade was a 10.84 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 68,705 shares of company stock worth $24,516,346 in the last 90 days. 0.33% of the stock is owned by company insiders.

Eaton Stock Performance

Shares of NYSE:ETN traded down $3.23 during trading on Wednesday, hitting $360.46. 1,291,740 shares of the stock were exchanged, compared to its average volume of 2,106,570. Eaton Co. plc has a 1-year low of $224.52 and a 1-year high of $373.49. The company has a market capitalization of $142.45 billion, a price-to-earnings ratio of 38.35, a price-to-earnings-growth ratio of 2.85 and a beta of 1.01. The company's fifty day simple moving average is $339.96 and its 200-day simple moving average is $322.31. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.00 and a current ratio of 1.53.

Eaton (NYSE:ETN - Get Free Report) last posted its earnings results on Thursday, October 31st. The industrial products company reported $2.84 EPS for the quarter, topping the consensus estimate of $2.80 by $0.04. The business had revenue of $6.35 billion during the quarter, compared to the consensus estimate of $6.37 billion. Eaton had a return on equity of 21.97% and a net margin of 15.32%. Eaton's revenue was up 7.9% on a year-over-year basis. During the same quarter last year, the company earned $2.47 EPS. Sell-side analysts expect that Eaton Co. plc will post 10.79 EPS for the current fiscal year.

Eaton Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Investors of record on Monday, November 4th will be given a dividend of $0.94 per share. The ex-dividend date of this dividend is Monday, November 4th. This represents a $3.76 annualized dividend and a dividend yield of 1.04%. Eaton's dividend payout ratio (DPR) is presently 40.00%.

Eaton Profile

Eaton Corporation plc operates as a power management company worldwide. The company's Electrical Americas and Electrical Global segment provides electrical components, industrial components, power distribution and assemblies, residential products, single and three phase power quality and connectivity products, wiring devices, circuit protection products, utility power distribution products, power reliability equipment, and services, as well as hazardous duty electrical equipment, emergency lighting, fire detection, explosion-proof instrumentation, and structural support systems.